Tesla, Elon Musk and EV
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Tesla has offered low-interest loans and other incentives to try to revive sales, but these efforts have depressed the company’s profits. Tesla’s newest model, the Cybertruck pickup, has been a flop. The company sold 4,300 Cybertrucks in the second quarter, according to Cox Automotive, a 50 percent decline from a year earlier.
Tesla saw a 17% growth in its services business, but it was not enough to close the gap in falling EV sales, fewer regulatory credits, and a decline in solar and energy storage sales.
Tesla’s Q2 sales decline is its worst this decade, but there is one bright spot. The company's energy storage business is quietly booming.
Elon Musk is taking steps to expand his autonomous ride-hailing service to the Bay Area, according to a Business Insider report.
Tesla's shares sank nearly 7% in premarket trading as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.
Tesla (TSLA) sales are down 21% in California, the largest EV market in the US, and this decline is dragging the entire EV market down. California accounts for roughly a third of EV sales in the US, making it the most significant electric vehicle market in America.
A total of 41,138 Teslas were registered in the state last quarter, a 21% drop year over year for the company’s seventh straight quarterly decline, the California New Car Dealers Association said Tuesday. Tesla’s tumble exceeded the 13% dip in total zero-emission vehicle registrations in the state during the same period.
Tesla is facing a rough path ahead and will likely struggle unless Elon Musk fixes his public image, longtime investor Ross Gerber says.
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